Brad Garlinghouse has asked the lawmakers to prioritize the passage of market structure legislation for crypto

Ripple’s CEO, Brad Garlinghouse, has shown up today to testify before the US Senate. He has asked the lawmakers to prioritize the passage of market structure legislation for digital assets to ensure that the US becomes the crypto capital of the world.

Garlinghouse has said that it is possible because the US possesses the world’s deepest capital markets, the most advanced technical talent, and the spirit of innovation. According to him, there is no reason the US should not be the undisputed leader in digital assets and blockchain. 

In addition, over 55 million Americans participate in the crypto economy. This equates to a $3.4 trillion market cap today. Garlinghouse has also said that a smart regulatory framework for crypto market structure is essential to realize that future, and is long overdue.

According to him, “once market structure legislation for digital assets becomes law in the US, this will catalyze a new era of US competitiveness and unlock efficiencies in financial transactions – dramatically helping consumers and businesses alike.”

Garlinghouse: What a smart regulatory framework should entail

According to Garlinghouse, smart legislation should be based on core principles like consumers need protection from fraud and scams, markets need proper oversight, bad actors need to be kept in check, and innovation must thrive. 

He has asked the lawmakers to first set clear jurisdictional boundaries for the main financial regulators. He has also asked them to establish pathways for companies to build in the U.S. without sacrificing investor or consumer protections.

In addition,  he has asked them to ensure that the US can be a global leader in crypto by taking full advantage of the benefits and efficiencies brought by digital assets and blockchain technologies.

Ripple’s CEO has pointed to the outcomes of the legal and regulatory uncertainty surrounding crypto over the last decade. He has said that it has prohibited meaningful progress in the US. He said, “At Ripple, we’ve seen firsthand how the lack of clear road rules can be weaponized to target good actors.”

He said the uncertainty has extended the effects to the technology, jobs, and tax dollars that go with crypto and have been pushed offshore. This has reduced regulatory oversight and put consumers at higher risk. 

RLUSD market cap reaches $500 million

From Garlinghouse’s statement, Ripple has nearly 900 employees across our 15 offices worldwide. He said, “A constructive and workable framework for digital assets and stablecoins that achieves these goals will expand access to financial markets, create jobs, boost the economy.” 

Meanwhile, Ripple’s stablecoin RLUSD, which was launched in late 2024, has hit  $500 million market cap in less than seven months. RLUSD has received a major boost by integrating with Transak, a major cryptocurrency payments platform.

Transak has officially integrated support for the RLUSD, enabling its 8.3 million users to purchase it using multiple fiat currencies. RLUSD is immediately available across all 64 countries that Transak supports for onboarding. 

The supported jurisdictions include key markets like the US, the UK, and the European Union. The integration has been in the works for about three months to ensure regulatory alignment across markets.

Joined @SquawkCNBC this morning to discuss institutional stablecoin momentum and how trusted banks like BNY (just announced as RLUSD’s reserve banking partner today!) are ready to go all in on crypto with regulatory clarity.

The US is long overdue for crypto market structure…

— Brad Garlinghouse (@bgarlinghouse) July 9, 2025

The company also expanded banking ambitions when it announced its selection of the Bank of New York Mellon Corporation (BNY) as the primary custodian of RLUSD reserves. This has also increased the interest in its token XRP. Following the news of the banking license application, XRP went up 4%, breaking above the $2.28 resistance level, a potential setup for a larger technical move.

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